Awards & Engraving

Recognized Supplier Guide ‘18

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A&E THE GUIDE 2018 • a-e-mag.com 85
• What's next. What technology
advancement is coming soon, and
can you get ahead of the curve?
• Fix something that bugs you. If your
business can fix a problem for your
customers, they'll thank you for it.
• Apply your skills to an entirely new
field. Many businesses and industries
do things one way because that's the
way they've always been done. In those
cases, a fresh set of eyes from a new
perspective can make all the difference.
• Use the better, cheaper, faster
approach. Do you have a business
idea that isn't completely new? If so,
think about the current offerings and
focus on how you can create some-
thing better, cheaper, or faster.
Do the necessary market research, solicit
feedback, and brace yourself for how brutal
and discouraging the data may be. This is
no time to be thin-skinned. Remember, no
matter how great a new idea is, if no one is
motivated to buy it at the price you have
to sell it for to make a profit, you don't
have a business.
GET DOWN TO BUSINESS
At the least, every business should have
a plan. A good business plan consists of a
strategic, tactical, and financial overview.
It should answer the following questions:
• What are you planning to do? (Goals)
• Why are you doing it? (Motivation)
• How are you going to accomplish
this? (Methodology, including a
detailed marketing plan)
• How much money do you need?
(Means)
• Where will the money come from?
(Resources)
A business plan should help you recog-
nize the risks and challenges as well as the
opportunities and strengths of the concept
behind your business. While there is no set
format for a business plan, it is imperative
that every business have a sound, thought-
out, goal-oriented plan — then refers to,
is guided by, and executes that plan on a
daily basis.
COME UP WITH THE MONEY
Unless you plan to use your own money
— that is, lottery winnings, unexpected
inheritance, or lump-sum retirement —
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